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High court clears Bhave in NSDL case

In a landmark ruling the Delhi High Court has cleared the Securities and Exchange Board of India chairman CB Bhave of charges of conflict of interest in a public interest petition that alleged he had shown undue favours to NSDL where he had been managing director earlier.

business Updated: Oct 07, 2010 23:17 IST

In a landmark ruling the Delhi High Court has cleared the Securities and Exchange Board of India chairman CB Bhave of charges of conflict of interest in a public interest petition that alleged he had shown undue favours to NSDL where he had been managing director earlier.

“We really do not perceive any kind of collusion or conspiracy. Whether the order is right or wrong, we are not required to dwell upon,” said the order passed by the Delhi High Court on September 29, a copy of which is with Hindustan Times.

In its order passed against the petition filed by the Social Action Forum For Manav Adhikar, the court said that: “We direct dismissal of the writ petition with costs which is assessed at Rs 50,000,...” When contacted, Bhave declined to comment.

SEBI had in February cleared National Securities Depository Ltd (NSDL) with mismanagement charges on the 2006 IPO scam in which large investors using fake demat accounts illegally acquired shares of companies and sold them at high prices on listing.

This raised questions concerning Bhave’s role. The court noted that Bhave had recused himself from a conflict of interest situation at an early stage in the matter.

First Published: Oct 07, 2010 23:15 IST